https://www.um.edu.mt/library/oar/handle/123456789/141436 2026-06-25T09:38:38Z 2026-06-25T09:38:38Z Zieba, Lukasz https://www.um.edu.mt/library/oar/handle/123456789/146498 2026-05-15T13:12:28Z 2025-01-01T00:00:00Z

Title: Stock exchange development and economic growth : the case of Poland Authors: Zieba, Lukasz Abstract: PURPOSE: The purpose of this paper is to provide a comprehensive and critical review of the theoretical and empirical literature concerning the relationship between stock exchange development and economic growth along with case study of Poland.; DESIGN/METHODOLOGY/APPROACH: The study employs a literature review, analysing a wide range of academic papers, meta-analyses. It reviews theoretical frameworks (supply-leading, demand-following, feedback, neutrality) and evaluates the evolution of empirical methodologies. In case of Poland it employs the ARDL method of estimation of selected variables.; FINDINGS: From the theoretical analysis and review of the research the paper asses that while there is a generally positive link between stock market development and economic growth, the relationship is neither linear nor universal. Liquidity (turnover) is identified as a more robust driver of growth than market size (capitalization). The findings also suggest a "threshold effect" where stock markets only contribute to growth once a certain level of institutional quality and banking sector development is achieved. In case of Poland key findings are that GDP growth in Polish economy is significantly driven by foreign investment and stock market development, provided the market expansion represents real capitalization rather than just speculative trading volume.; PRACTICAL IMPLICATIONS: Findings can be of use to teachers, academics and policy decision-makers.; ORIGINALITY/VALUE: The research can spur further discussion about the methods and measures of stock exchange development and to what extend this development can affect economic growth.

2025-01-01T00:00:00Z Ziółkowski, Bożydar Chudy-Laskowska, Katarzyna Szymoniuk, Barbara https://www.um.edu.mt/library/oar/handle/123456789/146496 2026-05-15T12:46:11Z 2025-01-01T00:00:00Z

Title: Effectiveness of communication on environmental labels and declarations in enterprises Authors: Ziółkowski, Bożydar; Chudy-Laskowska, Katarzyna; Szymoniuk, Barbara Abstract: PURPOSE: The aim of this paper is to identify and assess the effectiveness of communication on environmental labels and declarations (ELAD) in enterprises.; DESIGN/METHODOLOGY/APPROACH: The research approach is based on the adapted, modified and operationalised model for investigating the effectiveness of sustainability communication strategies in hospitality enterprises. The present study applied the modified model for measuring and assessing the effectiveness of environmental labels and declarations communication. The research content was collected through in-depth interviews during CATI (computer assisted telephone interview) conducted in the years 2024 and 2025 among managers of Polish enterprises. U Mann-Whitney and Pearson's chi-squared tests were used for data analysis.; FINDINGS: The results deliver knowledge about the advancement of companies in the application of ELAD communication tactics. Of the eight tactics analysed, the following three were identified as both most significant and influential in companies, i.e.: positive communication on ecolabels, displaying certified environmental labels or declarations, presenting practical effects of implementing ecolabels. Possible managerial actions towards facilitating effectiveness, enabling a strategic shift into the analysed sustainability dimension were recommended too.; PRACTICAL IMPLICATIONS: This study examines eight tactics enabling effective communication on environmental labels and declarations. The findings should help enterprises to better communicate on ecolabels and consequently gain benefits from implementing ELAD. The research model and statistical calculations can be recommended to enterprises and all other organisations as a checklist when designing communication strategies on ELAD.; ORIGINALITY/VALUE: The innovativeness of this study lies in the adaptation and operationalisation of the research model along with its empirical verification in the context of communication on environmental labels and declarations.

2025-01-01T00:00:00Z Żyła, Anna https://www.um.edu.mt/library/oar/handle/123456789/146491 2026-05-15T11:54:08Z 2025-01-01T00:00:00Z

Title: Insurance undertakings in Poland in the face of ESG challenges Authors: Żyła, Anna Abstract: PURPOSE: The main objective of this research paper is to present the ESG-related activities undertaken by selected insurers in Poland and to identify the challenges they face in the process of implementing and carrying out these activities.; DESIGN/METHODOLOGY/APPROACH: This article was developed on the basis of a literature review, drawing on the analysis of secondary data as well as primary information obtained directly from insurers. The main data source on the ESG-related activities undertaken by insurers consisted of their published sustainability reports. A key data source with respect to the challenges they face in the process of implementing this concept included interviews with managerial-level staff and data collected during industry meetings and training events. The analysis of the collected material was qualitative in nature.; FINDINGS: During the study, all three research hypotheses were positively verified. It was confirmed that insurers in Poland have been intensifying ESG-related activities year on year, inter alia through: modifying existing insurance products and introducing new ones; changing their approach to customer service and claims handling in a more pro-environmental direction; developing training programmes for employees, business partners and customers; creating employee development programmes and supporting their physical and mental health.; PRACTICAL IMPLICATIONS: The research findings may be a valuable source of information for insurers and other financial institutions in the process of assessing and improving sustainable development strategies and identifying good market practices. Investors and financial analysts may use the information obtained in the process of assessing the credibility and long-term stability of insurance market entities. The research findings may also be useful for individual and institutional customers, supporting them in making decisions when selecting an insurer that applies the principles of responsible and sustainable business conduct.; ORIGINALITY/VALUE: To date, relatively few academic studies have been published in Poland on ESG issues in relation to the insurance market. However, the frequency of regulatory changes and the intensity of insurers’ activities in this area in recent years require frequent review of earlier research findings.

2025-01-01T00:00:00Z Sadkowski, Wojciech https://www.um.edu.mt/library/oar/handle/123456789/146489 2026-05-15T11:47:51Z 2025-01-01T00:00:00Z

Title: Quality costing in selected service enterprises : a multivariate comparative analysis Authors: Sadkowski, Wojciech Abstract: PURPOSE: The main objective of the conducted research was to identify the level of quality costs in selected service enterprises, as previous publications on quality costing tended to focus on manufacturing companies. In addition, three research questions relating to a quality cost structure, service process phases and processes were posed.; DESIGN/METHODOLOGY/APPROACH: The author invited three business entities to participate in the research project. They were providers of water supply and sewage disposal services, employment agency services and construction services, respectively.The author achieved the objective of the empirical research by exemplifying the procedure of a quality costing model. The triangulation of research techniques (documentation content analysis, observation, quantitative data analysis) played an essential role. The analysis of quantitative data was carried out using multivariate comparative analysis and indicator analysis.; FINDINGS: The highest quality costs were identified in the water supply and sewage disposal service provider, almost 10 times less in the company that is a temporary employment agency, and the least in the construction business.; PRACTICAL IMPLICATIONS: The results develop the knowledge about the quality costing in the service enterprises. The main limitation is lack of appropriate legal regulations obliging to maintain a quality costing. The complete voluntary nature of this tool means that companies do not attempt to record quality-related costs and it was hard to find entities which want take part in the research, so author examined only three selected and willing enterprises provides different services. The key of the success of using quality costing is the maturity of the organization.; ORIGINALITY/VALUE: Prevention costs play the most important role in the service companies participating in the research. The largest proportion of quality costs arises during the service delivery phase. Core processes are responsible for generating the vast majority of quality costs.

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